PhotoCure (Buy, TP: NOK160.00) - Report in line overall
Q2 sales were slightly above our estimate, but EBITDA was a few million NOK below our forecast, mainly due to higher sales and marketing costs. Overall, we believe the company is moving in the right direction after last year’s acquisition of the Ipsen operations. We foresee some challenges in coming quarters placing new BLCs in the US (due to the launch of a new version of Karl Storz’s BLC). We reiterate our BUY but have trimmed our target price to NOK160 (170).Photocure is a Norwegian based specialty pharmaceutical company. Co. develops and commercializes solutions in several disease areas such as bladder cancer, colorectal cancer, HPV and precancerous lesions of the cervix, acne and other dermatologic conditions. Co. has one marketed product that Co. commercializes directly in the U.S. and the Nordic region is Hexvix®/Cysview®, for detection of bladder cancer.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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